Retractable Technologies, Inc. reported total net sales of $10.3 million for the third quarter of 2024, which remained flat compared to the same period last year. The company posted an operating loss of $5.1 million for the quarter, a significant increase from an operating loss of $936 thousand in Q3 2023.
The gross profit margin declined sharply to (0.1%) for the three months ended September 30, 2024, down from 41.8% in the prior year, primarily due to a decrease in average selling price, a drop in international sales, and rising production costs. The net loss for the quarter was $1.9 million.
While no tariffs were incurred during Q3 2024, the company has incurred $568 thousand in tariff expenses to date and expects approximately $1.5 million in total tariff expenses through February 2025. RVP is working to shift manufacturing of 1mL, 3mL, and EasyPoint needles to its domestic facility, a move that will increase compensation expenses.
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